Zion Market Research has published a new report titled “Cardiac Pacemaker Market by Product (Implantable Cardiac Pacemaker and External Cardiac Pacemaker) by Technology (Biventricular, Single Chambered, and Dual Chambered): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2015 - 2021”. According to the report, global cardiac pacemaker market was valued at around USD 7.50 billion in 2015 and is expected to generate revenue of approximately USD 12.00 billion by end of 2021, growing at a CAGR of around 8.5% between 2016 and 2021. The cardiac pacemaker volume market stood at approximately 1.3 million units in 2015 and is expected to reach around 2.0 million units by 2021.
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Cardiac pacemakers are implanted in order to correct the sinus node function which becomes slow with increasing age, heart disease, or heart medications. Almost all pacemakers are implanted to treat slow heart beating, which is called bradycardia. A pacemaker helps to artificially control the pulse rate of the heart of the patient.
Global cardiac pacemaker market is primarily driven by rising geriatric population coupled along with increasing prevalence of cardiovascular diseases. Other major driving factors for increasing demand are the technological advancement in cardiac pacemakers systems and entry of new players. However, rising incidences of cardiac pacemaker malfunction are major restrain that may limit the growth of the market. Nonetheless, growth in emerging economies is likely to disclose the new avenues for cardiac pacemaker market in the near future.
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The cardiac pacemaker market is segmented on the basis of different product including implantable cardiac pacemaker and external cardiac pacemaker. In 2015, the implantable cardiac pacemaker was the largest segment of cardiac pacemaker market and accounted for the largest revenue share of the total market. Additionally, it is expected to continue its dominance and be the fastest growing segment in the global market over the forecast period. Implantable cardiac pacemaker segment is also expected to witness fastest growth rate during the forecast period.
Biventricular, single-chambered and dual chambered are the key technology segment of the global cardiac pacemaker market. The dual-chambered technology segment dominated the market in terms of volume and revenue while single chambered segment is another major segment of global cardiac pacemaker market. Dual chambered technology segment is expected to grow at fastest growth rate during the forecast period.
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North America, Europe, Asia-Pacific, Latin America and the Middle East & Africa are key regional segments of global cardiac pacemaker market. North America held the largest market share in 2015. North America was a second largest market for the cardiac pacemaker in 2015. Asia Pacific is expected to be the fastest-growing revenue contributing region in cardiac pacemaker market during the forecast period. Moreover, Latin America is also expected to show noticeable growth in this market in the years to come.
Some of the key players operating in cardiac pacemaker market include St. Jude Medical Inc, Biotronik GmbH & Co. KG, Zoll Medical Corporation, Medtronic. Vitatron, Boston Scientific Corporation, MEDICO S.p.A, SORIN S.p.A., and Cook Medical Inc.
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